Mansfield's Covidien announced on Sunday that they will be purchasing a medical technology company.
The company, CV Ingenuity, provides treatment for peripheral artial disease caused by blood vessel abnormalities.
The company, based in Fremont California, has been working on a drug-coated balloon platform that used a rapid release systems.
"CV Ingenuity offers a robust DCB portfolio, and offering a DCB technology is something that we believe is necessary to continue to improve care for patients suffering from PAD, as well as ensuring we are a full line partner with our customers today and into the future," said Stacy Enxing Seng, president of Covidien Vascular Therapies.
Covidien said in a statement Food and Drug Administration approval will likely come for the treatment method in 2017.
Covidien also stated that they will be spending over $50 million in the next two years to finance development.